Provider of unsecured loans says it is not a payday lender, adds it is confident it can win against Summit Financial Partners, but is worried about reputational damage CAPITEC, SA’s biggest provider of unsecured loans, has lodged its opposition to reckless-lending charges filed by Summit Financial Partners and will submit responding court documents early in June."We’re not payday lenders," CEO Gerrie Fourie said in an interview in Stellenbosch on Friday. "We’re confident we can win against Summit, but we’re worried about reputational damage."Earlier in May, Summit, which helps consumers work their way out of debt, said in court papers filed in both the High Court in Cape Town and the Magistrate’s Court in Stellenbosch that Capitec breached the National Credit Act. Summit focused on Capitec’s so-called multi-loans and its alleged refusal to supply paperwork when requested to do so by clients.With a multi-loan, a customer signs one contract and can access the facility every month for ...
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